Just a reminder of what falling dollar currently means. Dollar depreciation is clearly part of what is needed to bring the US trade deficit down to a more sustainable level. But what is the case fo…

That does not necessarily mean the Turkish lira is cheap. Right now, given Turkey’s almost US scale current account deficit (close to 5% of GDP), the lira probably is a bit overvalued. Turkey is go…

Or more precisely, one of this year’s Nobel Prize winners in Economics seems to disagree with parts of the analysis Nouriel and I have been putting forward. It seems like Nouriel and I don’t underst…

My harping on the fact that US economic policy now has to pass a global test is not simply meant to score rhetorical points. I suspect that the same folks who financed the expansion of the US curren…

DeLong is clearly working his way through Paul Blustein’s book on Argentina. Martin Wolf has a column on Argentina’s restructuring in yesterday’s Financial Times, which I quite liked, for rather obv…

Somehow, all three are linked together today in my mind. And at some level, they do all connect. As Martin Wolf notes, Asia’s current account surplus (savings surplus) shows up in the phenomenal gr…

Read Martin Wolf’s latest column. His focus on emerging economies -- particularly in Asia -- is dead on. The "glut" of global savings originates there, far more than in Europe. The Euro zone’s cur…

Nouriel and I put pen to paper and laid out our take on China. Our paper reflects on the trip we took there last month, along with the reading we did to prepare for the trip. There is nothing new her…